Applications for both home purchase and refinance loans surged last week, according to the Mortgage Bankers Association (MBA). The results of the MBA’s latest mortgage survey showed, that mortgage activity was up 11.1% in the week ended September 7.

Loan requests for home refinancing jumped 11.9%, while the number of applications for home purchase mortgages was up 8.1% during the holiday-shortened week. The refinance share of total mortgage activity moved up to 80%, a slight gain from the previous 79%.

In other news, the German Constitutional Court’s decision was crucial from a number of aspects. The court decision enables Germany to participate in the European Central Bank’s bond-buying program. Due to the positive news, this Wednesday financial markets around the world are trading higher.

Tomorrow the U.S. Federal Reserve will hold its scheduled meeting, and markets are expecting a decision on further quantitative easing. As it’s not entirely sure which direction mortgage rates will take after the decision on QE3, those who are in the market for a favorable mortgage loan, may better lock in a deal sooner rather than later.

With regards to today’s mortgage rates at major lenders, the standard 30-year fixed refinance loan is available at Bank of America (NYSE:BAC) at a rate of 3.875% which comes with an annual percentage rate of 4.014%. The 15-year fixed alternative may be appealing for some borrowers at it’s up for grabs at a rate of 3.125% plus an APR of 3.369%. As it can be seen rates rose slightly on the most popular fixed rate loans since yesterday.

Moving on to adjustable rate mortgages, the starting rate on the 7/1 ARM remained firm at 2.625% and bears an APR sum of 3.173%. The 5/1 adjustable rate loan, on the other hand, carries a higher rate now in the form of 2.375% and features an APR figure of 3.162%.

Mortgage rates at Branch Banking and Trust (NYSE:BBT) seem to be on the upward trend as well, with the 30-year FRM being advertised at a rate of 4.000% and bears an annual percentage rate of 4.077%. For your reference, this type of mortgage was offered at a rate of 3.875% back on Tuesday. Regarding the 15-year fixed refinance deal, it carries 3.375% in interest and 3.510% by way of APR.

Those looking to take out new debt and especially interested in the 30-year fixed FHA-backed loan, BB&T Bank offers this package at a rate of 3.500% plus an APR variable of 3.720%.

Potential borrowers, who are regularly tracking mortgage rates at Wells Fargo (NYSE:WFC), will see the 30-year fixed mortgage being advertised this Tuesday at a rate of 3.750% with an APR yielding to 3.925%. The popular 15-year fixed home refinancing deal can be secured at a rate of 3.000% and it’s accompanied by an APR sum of 3.308%.

Last but not least, those who are more interested in ARMs, may consider the 5-year adjustable rate mortgage at Wells Fargo, as it carries 2.250% in interest and 3.072% by way of annual percentage rate, a competitive deal to say the least.

For more information on today’s mortgage rates and terms and conditions, please visit lenders’ websites.